UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
(X)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995.
OR
( )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from . . . . . . to . . . . . .
Commission file number 1-8957
ALASKA AIR GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 91-1292054
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
19300 Pacific Highway South, Seattle, Washington 98188
(Address of principal executive offices)
Registrant's telephone number, including area code: (206) 431-7040
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No ___
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
The registrant has 13,560,951 common shares, par value $1.00, outstanding
at September 30, 1995.
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Attached are the following Alaska Air Group, Inc. (the Company or Air
Group) unaudited financial statements: (i) consolidated balance sheets as
of September 30, 1995 and December 31, 1994; (ii) consolidated statements
of income for the quarters and nine months ended September 30, 1995 and
1994; (iii) consolidated statement of shareholders' equity for the nine
months ended September 30, 1995; and, (iv) consolidated statements of cash
flows for the nine months ended September 30, 1995 and 1994. Also attached
are the accompanying notes to the Company's consolidated financial
statements that have changed significantly during the nine months ended
September 30, 1995. These statements, which should be read in conjunction
with the financial statements in the Company's annual report on Form 10-K
for the year ended December 31, 1994, include all adjustments which are, in
the opinion of management, necessary for a fair presentation of the results
for the interim periods. The adjustments made were of a normal recurring
nature.
Air Group is a holding company incorporated in Delaware in 1985. Its
principal subsidiaries are Alaska Airlines, Inc. (Alaska) and Horizon Air
Industries, Inc. (Horizon).
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
Results of Operations
Third Quarter 1995 Compared with Third Quarter 1994 The consolidated net
income for the third quarter of 1995 was $27.4 million, or $2.01 per share
(primary) and $1.30 per share (fully diluted), compared with net income of
$24.3 million, or $1.81 per share (primary) and $1.36 per share (fully
diluted), in 1994. Operating income for the third quarter of 1995 was
$62.6 million, compared with $52.3 million in 1994. A discussion of
operating revenues and expenses for the two airlines follows.
Alaska Airlines Operating revenues increased 9.4% to $342.8 million.
Passenger revenues, which accounted for 88% of total operating revenues,
increased 8.7% on a 10.5% rise in passenger traffic. Capacity increased
12.7%, primarily due to increases in the Pacific Northwest to California
markets. The load factor dropped from 67.3% in 1994 to 66.0% in 1995.
Passenger yields, at 12.00 cents, decreased 1.7% in 1995 compared to the
third quarter of 1994. However, yields were approximately equal to those
of the second quarter of 1995. In September 1995, Southwest Airlines
reduced walk-up fares by as much as 50% on 14 routes between California and
the Pacific Northwest. In response, Shuttle by United reduced companion
fares (for travel through November 22) between Northern California and the
Pacific Northwest. Alaska has matched these fare reductions, which are
expected to have a negative impact on fourth quarter 1995 revenues and
earnings.
Freight and mail revenues increased 5.4% primarily due to higher freight
volumes, resulting in part from the withdrawal of MarkAir from all Alaska
markets. Other-net revenues rose 32.7% primarily due to increased revenues
from travel partners in Alaska's frequent flyer program.
The table below shows the major operating expense elements on a cost per
available seat mile (ASM) basis for Alaska for the third quarters of 1995
and 1994.
Operating Expenses Per ASM (In Cents)
%
1995 1994 Change Change
Wages and benefits 2.41 2.57 (.16) (6)
Aircraft fuel 1.08 1.08
Aircraft maintenance .31 .31
Aircraft rent .91 1.03 (.12) (12)
Commissions .56 .64 (.08) (13)
Depreciation & amortization .38 .36 .02 6
Other 1.84 1.93 (.09) (5)
Total 7.49 7.92 (.43) (5)
Lower unit costs were due to continuing cost reduction efforts and better
utilization of aircraft. Average daily aircraft utilization increased 4%
from 11.0 block hours to 11.4 block hours. Wages and benefits per ASM
decreased 6% primarily due to improved productivity. The number of
equivalent employees increased 6% while capacity increased 13% and traffic
increased 10%.
In October 1995, Alaska (as well as Horizon and other domestic airlines)
began paying an additional 4.3 cents Federal excise tax on domestic fuel
consumption. The annual impact of this tax on Alaska is approximately $10
million or .07 cents per ASM. There is pending legislation in Congress to
extend the exemption from this tax for 17 to 24 months.
Aircraft rent per ASM decreased 12% due to an increase in aircraft
utilization, and a restructuring (in the fourth quarter of 1994) of B737-
400 aircraft leases that resulted in lower rents.
Commission expense per ASM decreased 13% because passenger revenues, upon
which commissions are paid, did not keep pace with ASM growth. In
addition, a greater percentage of tickets were sold without commissions
through tour operators.
Depreciation and amortization expense per ASM increased 6% in spite of a
13% increase in ASMs, primarily due to: (a) the reduction in estimated
salvage value from 20% to 5% (effective January 1, 1995) for all MD-80
aircraft; and (b) depreciation on three B737-400 aircraft that were on
operating leases in 1994. Other expense per ASM decreased 5% due to lower
unit costs for food, landing fees, building rentals and outside services
expenses.
Horizon Air Operating revenues increased 5.2% to $77.8 million. Passenger
revenues, which accounted for 95% of total operating revenues, increased
4.8% on a 9.2% rise in passenger traffic. Capacity increased 18.0% due to
the use of larger capacity Fokker F-28 jets and Dornier 328 turboprop
aircraft. The load factor dropped from 66.7% in 1994 to 61.7% in 1995.
Passenger yields declined 4.0% to 31.0 cents in 1995, reflecting increased
competition and longer passenger trips.
Freight, mail and other revenues increased 11.5% due to increased freight
and mail volumes as well as increased revenues from providing services to
other airlines.
The table below shows the major operating expense elements on cost per ASM
basis for Horizon for the third quarters of 1995 and 1994.
Horizon Air Operating Expenses Per ASM (In Cents)
%
1995 1994 Change Change
Wages and benefits 5.69 6.78 (1.09) (16)
Aircraft fuel 1.88 1.80 .08 4
Aircraft maintenance 2.30 2.15 .15 7
Aircraft rent 2.27 2.30 (.03) (1)
Commissions 1.32 1.60 (.28) (18)
Depreciation & amortization .59 .64 (.05) (8)
Other 4.39 4.90 (.51) (10)
Horizon Air Total 18.44 20.17 (1.73) (9)
Horizon's cost per ASM declined 9% to 18.44 cents due to: (a) greater use
of higher capacity aircraft; (b) no profit sharing accrual in 1995; and (c)
cost reduction efforts.
Other Income (Expense) Non-operating expense increased $3.0 million to
$12.4 million expense primarily due to: (a) $1.3 million more interest
expense resulting from higher interest rates on variable debt and higher
average debt balances; and (b) $2.2 million write-off of capitalized debt
issuance costs for the 7-1/4% zero coupon notes that were redeemed in
August 1995.
Nine Months 1995 Compared with Nine Months 1994 The consolidated net
income for the nine months ended September 30, 1995 was $18.0 million, or
$1.34 per share (primary) and $1.22 per share (fully diluted), compared
with net income of $27.6 million, or $2.07 per share (primary) and $1.76
per share (fully diluted), in 1994. Operating income for the first nine
months of 1995 was $68.8 million compared to operating income of $73.8
million in 1994. A discussion of operating revenues and expenses for the
two airlines follows.
Alaska Airlines Operating revenues increased 7.3% to $868.4 million,
primarily due to a 14.6% rise in passenger traffic. Capacity increased
18.6%, primarily due to increases in the Pacific Northwest to California
markets. The load factor dropped from 63.6% in 1994 to 61.5% in 1995.
Passenger yields declined 7.0% to 11.72 cents in 1995, reflecting increased
competition on the West Coast.
Operating expenses increased 7.5% to $803.3 million on a capacity increase
of 18.6%. Unit costs decreased 9.4%, generally for the same reasons as
noted above in the third quarter comparison.
Horizon Air Operating revenues increased 10.7% to $210.9 million,
primarily due to an 18.8% rise in passenger traffic. Capacity increased
26.6% due to the addition of larger capacity Fokker F-28 jets and Dornier
328 turboprop aircraft. The load factor dropped from 62.9% in 1994 to
59.0% in 1995. Passenger yields declined 7.2% to 31.7 cents in 1995,
reflecting increased competition and longer passenger trips.
Operating expenses increased 16.2% to $206.6 million on a capacity increase
of 26.6%. Unit costs decreased 8.2%, generally for the same reasons as
noted above in the third quarter comparison.
Other Income (Expense) Non-operating expense increased $11.2 million to
$35.5 million expense primarily due to: (a) $6.0 million more interest
expense resulting from higher interest rates on variable debt and higher
average debt balances; (b) $2.2 million write-off of capitalized debt
issuance costs for the 7-1/4% zero coupon notes that were repurchased in
August 1995; (c) $1.8 million of vendor credits included in 1994; and (d)
$1.2 million more gains on debt retirements included in 1994.
Income Tax Expense Accounting standards normally require companies to
provide for income taxes each quarter based on their estimate of the
effective tax rate for the full year. The volatility of air fares and the
seasonality of the Company's business make it very difficult to estimate
full-year pretax results. In addition, a relatively small change in pretax
results can cause a significant change in the effective tax rate due to the
magnitude of nondeductible expenses, such as goodwill amortization and
employee per diem costs. Since a reliable estimate cannot be made, the
Company has followed an alternative method allowed by accounting standards
and used a 45.8% year-to-date tax rate. This rate was calculated using
year-to-date pretax income and year-to-date permanent differences. This
approach may result in quarterly effective tax rates which vary
significantly.
Liquidity and Capital Resources
The table below presents the major indicators of financial condition and
liquidity.
September 30, 1995 December 31, 1994 Change
(In millions, except debt-to-equity and per share amounts)
Cash and marketable securities $143.6 $ 104.9 $38.7
Working capital (deficit) (89.2) (147.1) 57.9
Long-term debt 560.6 589.9 (29.3)
Shareholders' equity 212.8 191.3 21.5
Book value per common share $15.69 $ 14.27 $ 1.42
Debt-to-equity 72%:28% 76%:24% NA
The Company's cash and marketable securities portfolio increased by $39
million during the first nine months of 1995. Operating activities
provided $134 million of cash during this period. An additional $129
million of cash was provided by the issuance of new long-term debt. Cash
was used for airframe and engine overhauls and other capital expenditures
($47 million), the repayment of debt ($169 million), and the net repayment
of short-term borrowings ($25 million).
In June 1995, the Company issued $132.3 million of 6-1/2% convertible
senior debentures due 2005. Each debenture is convertible into 46.512
shares of common stock, reflecting a conversion price of $21.50 per share.
In August 1995, the Company redeemed all of it's 7-1/4% zero coupon,
convertible subordinated notes for $127.7 million.
In August 1995, Standard & Poors lowered its corporate credit rating on Air
Group and Alaska to single B plus from double B minus, citing increased
competition in Alaska's West Coast markets.
During the second quarter of 1995, Alaska took delivery of two new MD-83
aircraft under 16-year operating leases. During the third quarter of 1995,
Alaska agreed to take delivery of two new B737-400 aircraft (one in
November 1996 and one in March 1997), under 10-year operating leases. In
addition, Alaska extended operating leases on four of its MD-80 aircraft
for an average of two years.
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K
(a)Exhibit 11 - Statement regarding computation of per-share earnings.
Exhibit 27 - Financial data schedule.
(b)No reports on Form 8-K were filed during the third quarter of 1995.
Signatures
Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
ALASKA AIR GROUP, INC.
Registrant
Date: October 31, 1995
/s/ John F. Kelly
John F. Kelly
Chairman, President and Chief Executive Officer
/s/ Harry G. Lehr
Harry G. Lehr
Senior Vice President/Finance
(Principal Financial Officer)
CONSOLIDATED BALANCE SHEET
Alaska Air Group, Inc.
ASSETS
Sept. 30, Dec. 31,
(In Thousands) 1995 1994
Current Assets
Cash and cash equivalents $58,147 $11,605
Marketable securities 85,443 93,337
Receivables - net 105,516 70,055
Inventories and supplies 44,267 40,250
Prepaid expenses and other assets 60,134 57,396
Total Current Assets 353,507 272,643
Property and Equipment
Flight equipment 799,493 776,551
Other property and equipment 216,026 208,502
Deposits for future flight equipment 42,117 52,885
1,057,636 1,037,938
Less accum. depreciation and amort. 300,140 260,001
757,496 777,937
Capital leases
Flight and other equipment 103,076 103,076
Less accumulated amortization 25,014 21,676
78,062 81,400
Total Property and Equipment - Net 835,558 859,337
Intangible Assets - Subsidiaries 64,141 65,671
Other Assets 99,167 118,120
Total Assets $1,352,373 $1,315,771
See accompanying notes to consolidated financial statements.
CONSOLIDATED BALANCE SHEET
Alaska Air Group, Inc.
LIABILITIES AND SHAREHOLDERS' EQUITY
Sept. 30, Dec. 31,
(In Thousands) 1995 1994
Current Liabilities
Accounts payable $64,352 $48,592
Accrued aircraft rent 44,997 43,762
Other accrued liabilities 79,931 59,591
Accrued wages and related 43,346 47,364
Short-term borrowings - 25,000
Air traffic liability 140,011 123,433
Current portion of long-term debt and
capital lease obligations 70,079 72,005
Total Current Liabilities 442,716 419,747
Long-Term Debt and Capital Lease
Obligations 560,634 589,904
Other Liabilities and Credits
Deferred income taxes 45,738 28,585
Deferred income 19,579 23,018
Other liabilities 70,928 63,239
136,245 114,842
Shareholders' Equity
Common stock, $1 par value
Authorized: 30,000,000 shares
Issued: 1995 - 16,714,599 shares
1994 - 16,553,679 shares 16,715 16,554
Capital in excess of par value 155,189 152,756
Treasury stock, at cost:
1995-3,153,608;1994-3,153,589 shares (71,808) (71,807)
Deferred compensation (3,823) (4,697)
Retained earnings 116,505 98,472
212,778 191,278
Total Liabilities and Shareholders' Equity $1,352,373 $1,315,771
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENT OF INCOME
Alaska Air Group, Inc.
Quarter Ended September 30
(In Thousands except Per share Amounts) 1995 1994
Operating Revenues
Passenger $377,292 $349,707
Freight and mail 26,277 24,833
Other - net 16,060 12,261
Total Operating Revenues 419,629 386,801
Operating Expenses
Wages and benefits 114,231 109,397
Aircraft fuel 48,482 42,598
Aircraft maintenance 20,807 17,727
Aircraft rent 43,789 42,623
Commissions 26,502 27,148
Depreciation and amortization 16,945 14,475
Other 86,251 80,552
Total Operating Expenses 357,007 334,520
Operating Income 62,622 52,281
Other Income (Expense)
Interest income 3,390 2,426
Interest expense (13,315) (11,985)
Interest capitalized - 83
Loss on sale of assets (702) (320)
Other - net (1,737) 427
(12,364) (9,369)
Income before income tax 50,258 42,912
Income tax expense 22,906 18,649
Net Income $27,352 $24,263
Primary Earnings Per Share $2.01 $1.81
Fully Diluted Earnings Per Share $1.30 $1.36
Shares used for computation:
Primary 13,575 13,386
Fully diluted 23,034 19,486
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENT OF INCOME
Alaska Air Group, Inc.
Nine Months Ended September 30
(In Thousands except Per share Amounts) 1995 1994
Operating Revenues
Passenger $957,469 $892,173
Freight and mail 71,761 67,428
Other - net 47,164 38,057
Total Operating Revenues 1,076,394 997,658
Operating Expenses
Wages and benefits 322,519 302,526
Aircraft fuel 131,560 109,940
Aircraft maintenance 61,126 52,397
Aircraft rent 128,470 123,135
Commissions 71,775 70,799
Depreciation and amortization 50,875 41,678
Other 241,279 223,339
Total Operating Expenses 1,007,604 923,814
Operating Income 68,790 73,844
Other Income (Expense)
Interest income 6,701 5,561
Interest expense (39,713) (33,672)
Interest capitalized - 281
Loss on sale of assets (1,408) (822)
Other - net (1,126) 4,310
(35,546) (24,342)
Income before income tax 33,244 49,502
Income tax expense 15,211 21,871
Net Income $18,033 $27,631
Primary Earnings Per Share $1.34 $2.07
Fully Diluted Earnings Per Share $1.22 $1.76
Shares used for computation:
Primary 13,450 13,371
Fully diluted 20,431 19,725
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENT OF SHAREHOLDERS
Alaska Air Group, Inc.
Common Stock
Capital in Treasury Deferred
$1 Par Excess of Stock Compen- Retained
(In Thousands) Value Par Value at Cost sation Earnings Total
Balances at December 31, 1994 $16,554 $152,756 $(71,807) $(4,697) $98,472 $191,278
Net income for the nine months
ended September 30, 1995 18,033 18,033
Stock issued under stock plans 161 2,433 2,594
Treasury stock purchase (1) (1)
Employee Stock Ownership Plan
shares allocated 874 874
Balances at September 30, 1995 $16,715 $155,189 $(71,808) $(3,823) $116,505 $212,778
See accompanying notes to consolidated statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
Alaska Air Group, Inc.
Nine Months Ended September 30 (In Thousands) 1995 1994
Cash and cash equivalents at beginning of period $11,605 $27,179
Cash flows from operating activities:
Net income 18,033 27,631
Adjustments to reconcile net income to cash:
Depreciation and amortization 50,875 41,678
Amortization of airframe and engine overhauls 18,744 15,357
Loss (gain) on disposition of assets and debt retirement 3,238 (723)
Deferred income taxes 17,153 14,928
Increase in accounts receivable (35,461) (4,607)
Decrease (increase) in other current assets (6,755) 2,786
Increase in air traffic liability 16,578 17,219
Increase in other current liabilities 33,317 39,822
Interest on zero coupon notes 5,359 7,610
Leased aircraft return payments and other-net 13,094 (15,589)
Net cash provided by operating activities 134,175 146,112
Cash flows from investing activities:
Proceeds from disposition of assets 2,209 4,691
Purchases of marketable securities (62,340) (77,192)
Sales and maturities of marketable securities 70,234 29,760
Restricted deposits 3,513 (5,509)
Flight equipment deposits returned 8,883 3,578
Additions to flight equipment deposits - (961)
Additions to property and equipment (46,997) (141,566)
Payments received on loans to ESOPs 1,111 1,313
Net cash used in investing activities (23,387) (185,886)
Cash flows from financing activities:
Proceeds from short-term borrowings 4,000 -
Repayment of short-term borrowings (29,000) (20,000)
Proceeds from issuance of long-term debt 128,795 104,000
Long-term debt and capital lease payments (168,805) (42,458)
Proceeds from issuance of common stock 2,594 319
Gain (loss) on debt retirement (1,830) 1,545
Net cash provided by (used in) financing activities (64,246) 43,406
Net increase in cash and cash equivalents 46,542 3,632
Cash and cash equivalents at end of period $58,147 $30,811
Supplemental disclosure of cash paid (received)
during the period for:
Interest (net of amount capitalized) $34,687 $28,813
Income taxes (refunds) $(1,943) $(5,415)
Noncash investing and financing activities None None
See accompanying notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THAT HAVE CHANGED
SIGNIFICANTLY DURING THE NINE MONTHS ENDED SEPTEMBER 30, 1995
Alaska Air Group, Inc.
Note 1. Summary of Significant Accounting Policies (See Note 1 to
Consolidated Financial Statements at December 31, 1994)
Property, Equipment and Depreciation
Effective January 1, 1995, the estimated salvage value of MD-80 flight
equipment was changed to 5% from 20%. The new estimate was adopted to
recognize the lower expected salvage values for this aircraft type. The
effect of the change on the three months and nine months ending June 30,
1995 was to decrease net income $757,000 ($.06 per primary share and
$.03 per fully diluted share) and $2.3 million ($.17 per primary share
and $.11 per fully diluted share), respectively.
Note 2. Long-Term Debt and Capital Lease Obligations (See Note 4 to
Consolidated Financial Statements at December 31, 1994)
In June 1995, the Company issued $132.3 million of 6-1/2% convertible
senior debentures due 2005. Each debenture is convertible to 46.512
shares of common stock, reflecting a conversion price of $21.50 per
share.
In August 1995, the Company redeemed all of it's 7-1/4% zero coupon,
convertible subordinated notes for $127.7 million.
Note 3. Commitments (See Note 5 to Consolidated Financial Statements at
December 31, 1994)
During the second quarter of 1995, Alaska took delivery of two new MD-83
aircraft under 16-year operating leases. During the third quarter of
1995, Alaska agreed to take delivery of two new B737-400 aircraft (one
in November 1996 and one in March 1997), under 10-year operating leases.
In addition, Alaska extended operating leases on four of its MD-80
aircraft for an average of two years. The total increase in lease
commitments for all of these transactions is approximately $205 million.
Note 4. Financial Instruments (See Note 11 to Consolidated Financial
Statements at December 31, 1994)
At September 30, 1995, the Company had a fuel hedge agreement in place
with a ceiling price of 70 cents covering approximately 50% of the
expected fuel usage through July 1996, and a floor price of 42 cents
covering approximately 50% of the expected fuel usage through July 1996.
At September 30, 1995, the fuel index was at 51 cents.
Alaska Air Group, Inc. EXHIBIT 11
Computation of Earnings Per Common Share
(In thousands, except per share)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -------------------
1995 1994 1995 1994
------ ------ ------ ------
Primary -
Net income $27,352 $24,263 $18,033 $27,631
====== ====== ====== ======
Average number of shares outstanding 13,509 13,370 13,440 13,359
Assumed exercise of stock options reduced
by the number of shares purchased with
the proceeds from exercise of such options 66 16 10 12
------ ------ ------ ------
Average shares as adjusted 13,575 13,386 13,450 13,371
====== ====== ====== ======
Earnings per common share $2.01 $1.81 $1.34 $2.07
====== ====== ====== ======
Fully Diluted -
Net income $27,352 $24,263 $18,033 $27,631
After tax interest on convertible securities 2,580 2,318 6,868 7,037
------ ------ ------ ------
Income applicable to common shares $29,932 $26,581 $24,901 $34,668
====== ====== ====== ======
Average number of shares outstanding 13,509 13,370 13,440 13,359
Assumed exercise of stock options 66 19 10 15
Assumed conversion of 6.5% debentures 6,151 0 2,141 0
Assumed conversion of 7.75% debentures 446 508 487 513
Assumed conversion of 6.875% debentures 1,608 1,608 1,608 1,702
Assumed conversion of 7.25% zero coupon notes 1,254 3,981 2,745 4,136
Assumed conversion of preferred shares 0 0 0 0
------ ------ ------ ------
Average shares as adjusted 23,034 19,486 20,431 19,725
====== ====== ====== ======
Earnings per Common Share $1.30 $1.36 $1.22 $1.76
====== ====== ====== ======
5
1000
9-MOS
DEC-31-1995
SEP-30-1995
58147
85443
105516
0
44267
353507
1160712
325154
1352373
442716
560634
16715
0
0
196063
1352373
1076394
1076394
1007604
1007604
0
0
39713
33244
15211
18033
0
0
0
18033
1.34
1.22
